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What is History of Banking in India about?

Banking has a long history in India, with evidence of money-lending operations dating back to 2000-1400 BC in Vedic times. Ancient texts also provide evidence of bankers called sresthis during the Buddhist period. Hindu law texts from ancient times prescribed interest rates, typically around 15% annually, and some differentiated rates based on risk levels of different business activities. Only members of the Vaishya caste were permitted to operate as bankers according to ancient religious texts.

Author

sangfroidash

Language

EN